Emirates NBD Q4 net profit more than triples

Dubai, January 31, 2013

Emirates NBD, Dubai's largest bank by market value, on Thursday said its fourth-quarter net profit more than tripled on the back of lower impairments, beating analysts' forecasts.

The lender, 55.6-percent owned by state fund Investment Corporation of Dubai, made a net profit of 625 million dirhams ($170.16 million) in the three months to December 31, a statement from the bank said, compared with 152 million dirhams in the same period last year.

An average of five analysts polled by Reuters forecast a net profit of 484 million dirhams for the quarter.